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v3.22.2.2

Note 2 - Acquisition (Tables) | 9 Months Ended
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Sep. 30, 2022
Notes Tables |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
|  | As Recorded |  |  | Fair Value |  |  |  | Provisional Period |  |  | As Recorded |
(in thousands) |  | By CB |  |  | Adjustments (1) |  |  |  | Adjustments (1) |  |  | by Bancorp |
Assets aquired: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 380,450 |  |  | $ | — |  |  |  | $ | — |  |  | $ | 380,450 |
Mortgage loans held for sale |  |  | 3,559 |  |  |  | — |  |  |  |  | — |  |  |  | 3,559 |
Available for sale debt securities (2) |  |  | 247,209 |  |  |  | (416 | ) | a |  |  | — |  |  |  | 246,793 |
Federal Home Loan Bank stock, at cost |  |  | 4,436 |  |  |  | — |  |  |  |  | — |  |  |  | 4,436 |
Loans |  |  | 645,551 |  |  |  | (13,147 | ) | b |  |  | — |  |  |  | 632,404 |
Allowance for credits losses on loans |  |  | (16,102 | ) |  |  | 6,152 |  | c |  |  | — |  |  |  | (9,950 | )
Net loans |  |  | 629,449 |  |  |  | (6,995 | ) |  |  |  | — |  |  |  | 622,454 |
Premises and equipment, net |  |  | 28,784 |  |  |  | 4,009 |  | d |  |  | — |  |  |  | 32,793 |
Accrued interest receivable |  |  | 1,973 |  |  |  | — |  |  |  |  | — |  |  |  | 1,973 |
Goodwill |  |  | 5,412 |  |  |  | (5,412 | ) | e |  |  | — |  |  |  | — |
Core deposit intangible |  |  | — |  |  |  | 12,724 |  | f |  |  | — |  |  |  | 12,724 |
Customer list intangibles |  |  | — |  |  |  | 14,360 |  | g |  |  | — |  |  |  | 14,360 |
Mortgage servicing rights |  |  | 9,387 |  |  |  | 3,289 |  | h |  |  | — |  |  |  | 12,676 |
Deferred income taxes, net |  |  | — |  |  |  | (3,727 | ) | i |  |  | — |  |  |  | (3,727 | )
Other assets |  |  | 9,389 |  |  |  | (1,065 | ) | j |  |  | — |  |  |  | 8,324 |
Total assets acquired |  | $ | 1,320,048 |  |  | $ | 16,767 |  |  |  | $ | - |  |  | $ | 1,336,815 |
Liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing |  | $ | 302,098 |  |  | $ | — |  |  |  | $ | — |  |  | $ | 302,098 |
Interest bearing |  |  | 818,334 |  |  |  | 371 |  | k |  |  | — |  |  |  | 818,705 |
Total deposits |  |  | 1,120,432 |  |  |  | 371 |  |  |  |  | — |  |  |  | 1,120,803 |
Securities sold under agreements to repurchase |  |  | 66,220 |  |  |  | — |  |  |  |  | — |  |  |  | 66,220 |
Subordinated debentures |  |  | 26,806 |  |  |  | (794 | ) | l |  |  | — |  |  |  | 26,012 |
Line of credit |  |  | 3,200 |  |  |  | — |  |  |  |  | — |  |  |  | 3,200 |
Accrued interest payable |  |  | 243 |  |  |  | — |  |  |  |  | — |  |  |  | 243 |
Other liabilities |  |  | 17,822 |  |  |  | 1,296 |  | m |  |  | — |  |  |  | 19,118 |
Total liabilities assumed |  |  | 1,234,723 |  |  |  | 873 |  |  |  |  | — |  |  |  | 1,235,596 |
Net assets acquired |  | $ | 85,325 |  |  | $ | 15,894 |  |  |  | $ | - |  |  | $ | 101,219 |
Consideration for common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 133,825 |
Cash consideration paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,994 |
Noncontrolling interest of acquired entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,094 |
Total consideration |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 167,913 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 66,694 |
|  | As Recorded |  |  | Fair Value |  |  |  | Provisional Period |  |  |  | As Recorded |
(in thousands) |  | By KB |  |  | Adjustments (1) |  |  |  | Adjustments (1) |  |  |  | by Bancorp |
Assets aquired: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 53,257 |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 53,257 |
Mortgage loans held for sale |  |  | 3,071 |  |  |  | — |  |  |  |  | — |  |  |  |  | 3,071 |
Available for sale debt securities |  |  | 396,157 |  |  |  | (295 | ) | a |  |  | — |  |  |  |  | 395,862 |
Federal Home Loan Bank stock, at cost |  |  | 7,072 |  |  |  | — |  |  |  |  | — |  |  |  |  | 7,072 |
Loans |  |  | 755,932 |  |  |  | (757 | ) | b |  |  | — |  |  |  |  | 755,175 |
Allowance for credits losses on loans |  |  | (9,491 | ) |  |  | 2,734 |  | c |  |  | — |  |  |  |  | (6,757 | )
Net loans |  |  | 746,441 |  |  |  | 1,977 |  |  |  |  | — |  |  |  |  | 748,418 |
Premises and equipment, net |  |  | 27,401 |  |  |  | (6,361 | ) | d |  |  | — |  |  |  |  | 21,040 |
Bank owned life insurance |  |  | 18,909 |  |  |  | — |  |  |  |  | — |  |  |  |  | 18,909 |
Accrued interest receivable |  |  | 4,939 |  |  |  | — |  |  |  |  | — |  |  |  |  | 4,939 |
Goodwill |  |  | 14,001 |  |  |  | (14,001 | ) | e |  |  | — |  |  |  |  | — |
Core deposit intangible |  |  | — |  |  |  | 3,404 |  | f |  |  | 999 |  | f |  |  | 4,403 |
Other real estate owned |  |  | 674 |  |  |  | (123 | ) | g |  |  | — |  |  |  |  | 551 |
Mortgage servicing rights |  |  | 1,628 |  |  |  | 34 |  | h |  |  | — |  |  |  |  | 1,662 |
Deferred income taxes, net |  |  | 1,856 |  |  |  | 715 |  | i |  |  | (230 | ) | i |  |  | 2,341 |
Other assets |  |  | 6,421 |  |  |  | (1,866 | ) | j |  |  | (70 | ) | j |  |  | 4,485 |
Total assets acquired |  | $ | 1,281,827 |  |  | $ | (16,516 | ) |  |  | $ | 699 |  |  |  | $ | 1,266,010 |
Liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing |  | $ | 359,544 |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 359,544 |
Interest bearing |  |  | 678,528 |  |  |  | 1,146 |  | k |  |  | — |  |  |  |  | 679,674 |
Total deposits |  |  | 1,038,072 |  |  |  | 1,146 |  |  |  |  | — |  |  |  |  | 1,039,218 |
Securities sold under agreements to repurchase |  |  | 11,360 |  |  |  | — |  |  |  |  | — |  |  |  |  | 11,360 |
Federal Home Loan Bank advances |  |  | 88,581 |  |  |  | 2,490 |  | l |  |  | — |  |  |  |  | 91,071 |
Accrued interest payable |  |  | 505 |  |  |  | — |  |  |  |  | — |  |  |  |  | 505 |
Other liabilities |  |  | 16,231 |  |  |  | (2,004 | ) | m |  |  | — |  |  |  |  | 14,227 |
Total liabilities assumed |  |  | 1,154,749 |  |  |  | 1,632 |  |  |  |  | — |  |  |  |  | 1,156,381 |
Net assets acquired |  | $ | 127,078 |  |  | $ | (18,148 | ) |  |  | $ | 699 |  |  |  | $ | 109,629 |
Consideration for common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 204,670 |
Cash consideration paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,276 |
Total consideration |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 232,946 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 123,317 |
Schedule of Business Acquisitions by Acquisition, Loans Fair Value Adjustment [Table Text Block] |
(in thousands) |  |  |  |
Fair value adjustment - acquired non PCD loans |  | $ | (9,216 | )
Fair value adjustment - acquired PCD loans |  |  | (4,094 | )
Eliminate unrecognized loan fees on acquired loans and fair value hedge |  |  | 163 |
Net loan fair value adjustments |  | $ | (13,147 | )
(in thousands) |  |  |  |
Fair value adjustment - acquired non PCD loans |  | $ | 228 |
Fair value adjustment - acquired PCD loans |  |  | (735 | )
Eliminate unrecognized loan fees on acquired loans and fair value hedge |  |  | (250 | )
Net loan fair value adjustments |  | $ | (757 | )
Schedule of Business Acquisitions by Acquisition, Allowance for Credit Losses Adjustments [Table Text Block] |
(in thousands) |  |  |  |
Reversal of historical CB allowance for credit losses on loans |  | $ | (16,102 | )
Estimate of lifetime credit losses for PCD loans |  |  | 9,950 |
Net change in allowance for credit losses |  | $ | (6,152 | )
(in thousands) |  |  |  |
Reversal of historical KB allowance for credit losses on loans |  | $ | 9,491 |
Estimate of lifetime credit losses for PCD loans |  |  | (6,757 | )
Net change in allowance for credit losses |  | $ | 2,734 |
Business Acquisition, Pro Forma Information [Table Text Block] |
(in thousands) |  | Three months ended September 30, 2022 |  |  | Three months ended September 30, 2021 |
Net interest income |  | $ | 62,376 |  |  | $ | 53,473 |
Provision for credit losses (1) |  |  | 4,803 |  |  |  | (1,525 | )
Non-interest income |  |  | 24,864 |  |  |  | 38,094 |
Non-interest expense (2) |  |  | 44,873 |  |  |  | 50,414 |
Income before taxes |  |  | 37,564 |  |  |  | 42,678 |
Income tax expense |  |  | 9,024 |  |  |  | 9,803 |
Net income |  |  | 28,540 |  |  |  | 32,875 |
Less net income attributed to noncontrolling interest |  |  | 85 |  |  |  | 90 |
Net income available to stockholders |  | $ | 28,455 |  |  | $ | 32,785 |
Earnings per share |  |  |  |  |  |  |  |
Basic |  | $ | 0.98 |  |  | $ | 1.13 |
Diluted |  |  | 0.97 |  |  |  | 1.13 |
Basic weighted average shares outstanding |  |  | 29,144 |  |  |  | 29,049 |
Diluted weighted average shares outstanding |  |  | 29,404 |  |  |  | 29,031 |
(in thousands) |  | Nine months ended September 30, 2022 |  |  | Nine months ended September 30, 2021 |
Net interest income |  | $ | 173,153 |  |  | $ | 164,579 |
Provision for credit losses (1) |  |  | 2,453 |  |  |  | (5,767 | )
Non-interest income |  |  | 68,947 |  |  |  | 97,524 |
Non-interest expense (2) |  |  | 136,837 |  |  |  | 153,407 |
Income before taxes |  |  | 102,810 |  |  |  | 114,463 |
Income tax expense |  |  | 23,038 |  |  |  | 23,380 |
Net income |  |  | 79,772 |  |  |  | 91,083 |
Less net income attributed to noncontrolling interest |  |  | 244 |  |  |  | 264 |
Net income available to stockholders |  | $ | 79,528 |  |  | $ | 90,819 |
Earnings per share |  |  |  |  |  |  |  |
Basic |  | $ | 2.73 |  |  | $ | 3.10 |
Diluted |  |  | 2.71 |  |  |  | 3.10 |
Basic weighted average shares outstanding |  |  | 29,110 |  |  |  | 29,291 |
Diluted weighted average shares outstanding |  |  | 29,371 |  |  |  | 29,272 |
(in thousands) |  | Three months ended September 30, 2021 |
Net interest income |  | $ | 45,483 |
Provision for credit losses |  |  | (1,525 | )
Non-interest income |  |  | 17,614 |
Non-interest expense |  |  | 34,558 |
Income before taxes |  |  | 30,064 |
Income tax expense |  |  | 6,902 |
Net income |  |  | 23,162 |
Less net income attributed to noncontrolling interest |  |  | - |
Net income available to stockholders |  | $ | 23,162 |
Earnings per share |  |  |  |
Basic |  | $ | 0.87 |
Diluted |  |  | 0.87 |
Basic weighted average shares outstanding |  |  | 26,485 |
Diluted weighted average shares outstanding |  |  | 26,726 |
(in thousands) |  | Nine months ended September 30, 2021 |
Net interest income |  | $ | 139,526 |
Provision for credit losses (1) |  |  | (6,067 | )
Non-interest income |  |  | 53,704 |
Non-interest expense (2) |  |  | 106,361 |
Income before taxes |  |  | 92,936 |
Income tax expense |  |  | 18,881 |
Net income |  |  | 74,055 |
Less net income attributed to noncontrolling interest |  |  | - |
Net income available to stockholders |  | $ | 74,055 |
Earnings per share |  |  |  |
Basic |  | $ | 2.79 |
Diluted |  |  | 2.77 |
Basic weighted average shares outstanding |  |  | 26,532 |
Diluted weighted average shares outstanding |  |  | 26,773 |

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